South Florida home shoppers need to be making more than $150,000 to comfortably afford a home in 2024, according to a new Zillow report.
Florida buyers are among those feeling this the most, with South Florida proving to be the area with the highest income needed to afford a home comfortably — at about $151,163.
Florida findings
| Metropolitan Area* | Size Rank | Income Needed to Afford a Mortgage, January 2024 | Change in Needed Income Since January 2020 | Zillow Home Value Index (ZHVI), January 20243 | Monthly Mortgage Payment, 10% Down4 | Years to Save a 10% Down Payment |
| Miami, FL | 8 | $151,163 | $74,834 | $472,970 | $3,018 | 12.3 |
| Orlando, FL | 22 | $121,418 | $58,140 | $386,687 | $2,467 | 9.9 |
| Tampa, FL | 18 | $116,329 | $58,577 | $370,474 | $2,364 | 9.8 |
| Jacksonville, FL | 39 | $109,271 | $51,617 | $348,665 | $2,225 | 8.2 |
Those in the Miami Metropolitan Area need about a $74,834 increase in income since 2020 — as South Florida has a Zillow Home Index of about $472,970 in 2024.
Monthly mortgage payments with 10 percent down sit just over $3,000.
